New Communication Services Sector

August 30, 2018 | ,

Effective after market close on September 21, 2018, S&P Dow Jones Indices and MSCI Inc. will implement a significant revision to the Global Industry Classification Standards (GICS) structure. The telecommunication services sector is scheduled to undergo an expansion that will include several companies currently housed within the consumer discretionary and information technology sectors. The newly broadened telecommunication services sector will be renamed communication services and will contain two broad industry groups: telecommunication services and media & entertainment. The media industry group, previously categorized under consumer discretionary, will move to the communication services sector and be renamed media & entertainment. The reclassified media & entertainment industry group will contain a variety of industries engaged in modern media and entertainment channels. The purpose of this GICS structure change is to broadly include companies within one sector that facilitate communication and offer related content and information through various platforms. The change is an acknowledgement of consolidation occurring and overlapping services provided today within the media, telecommunications, and internet industries.

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The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Combination line and area chart showing cumulative return of the S&P 500 Semiconductors & Equipment Index and value of private construction put in place by sector. Chart subtitle: The CHIPS and Science Act has helped provide a tailwind for semiconductor companies over the last year. Chart source: Bloomberg and U.S. Census Bureau as of July 31, 2023. Chart visual description: Data is monthly; displayed in 6-month increments on x-axis from Aug-13 to present. Left Y-axis is labeled “Value of Private Construction Put in Place” and ranges from $0B to $210B (labeled through $200B). Right Y-axis is labeled “Cumulative Return” and ranges from 0% to 1000%. Sectors corresponding to left axis are as follows: Computer/Electronic/Electrical uppermost of area stack in green; Chemical in blue; Food/Beverage/Tobacco in purple; Transportation Equipment in teal; Plastic/Rubber in dark blue; Nonmetallic Mineral in orange; Fabricated Metal in dark green; Other in gray. Line corresponding to S&P 500 Semiconductors & Equipment Index is slate, corresponding to right Y-axis. Chart data description: Please contact us for the full dataset. Latest data as of July 2023: S&P 500 Semiconductors & Equipment Index at 907% cumulative return; CEE at $110.9B; Chemical at $37.8B; Food/Bev/Tobacco at $15.9B; Transp Equipment at $9.1B; Plastic/Rubber at $2.2B; Nonmetallic Mineral at $1.9B; Fabricated Metal at 1$.4B; Other at $21.5B. End chart description. See disclosures at end of document.



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